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BENGALURU: Prime minister Narendra Modi on Thursday said establishing India as a key partner in the global semiconductor supply chain was a collective aim.
Modi was speaking at the three-day ‘SemiconIndia Conference 2022’ in Bengaluru that started on 29 April.
"We want to create a world-class semiconductor ecosystem in India, riding on our sincerity and execution. We aim to work in this direction based on the principles of high tech, high quality and high reliability," the prime minister said.
Modi added that almost all of the 25 semiconductor design companies globally have set up design and research and development centres in India. Additionally, the prime minster said that the government has undertaken several measures to transform the Indian manufacturing sector, when humanity was fighting a once-in-a-century pandemic.
Modi pointed out that the government has committed $10 billion to attract semiconductor companies to the country. The incentive scheme was announced on 15 December by Union minister Ashwini Vaishnaw, as part of efforts to establish the country as a global electronics hub.
He said India was on its way to connect 600,000 villages with broadband, and is investing in developing capacity in 5G, IoT and green energy technologies.
“We are working to unleash the next wave of innovation in data, AI and other technologies. Thus, India is headed for robust economic growth. We have the world's fastest growing startup ecosystem; new unicorns are coming up every few weeks. India’s own construction of semiconductors is expected to cross $80 billion by 2026 and $100 billion by 2030," he added.
The government has earmarked production linked incentive schemes to the tune of over $26 billion in 14 key sectors, with electronics industry expected to see record growth.